Toronto's primary gain as a rebuilding, last-place team was freeing itself entirely from Phaneuf's contract, which carries a $7 million annual cap charge through the 2020-21 season.

The Senators, who sat four points out of a wild-card playoff spot as of Tuesday morning, were willing to accept that to build a blue line with the three-time All-Star Phaneuf, 30, complementing two-time Norris Trophy winner Erik Karlsson, 25.

The right-handed Karlsson is the most dangerous offensive defenseman in the game. The left-handed Phaneuf is 6-3, 227 pounds, nasty and bruising in his own end. He has long been the Leafs' No. 1 defenseman but many believe he will thrive elsewhere as a No. 2, or at least as part of a dynamic duo.

Leave it to the longtime former Devils president and GM Lamoriello, of course, to upstage Martin Brodeur's Tuesday night Jersey Retirement Ceremony in Newark with such a major deal. But hey, Marty, it's only business.